The US Federal Reserve announced new purchases of mortgage-backed securities on Thursday aimed at cutting long-term interest rates that will run at a rate of $40bn (€30.8bn) per month.

The January LLDPE contract traded on the Dalian Commodity Exchange (DCE) rose to yuan (CNY) 10,800/tonne ($1,706/tonne) at around 09:00 hours Beijing time (01:00 GMT), CNY415/tonne higher from Thursday’s settlement price, according to data from the DCE.

The January contract then eased to CNY10,610/tonne at around 10:30 hours Beijing time, which was CNY225/tonne higher from the settlement price of CNY10,385/tonne on 13 September.